Waste Connections Inc (NYSE:WCN) Short Interest Up 36.6% in July

Waste Connections Inc (NYSE:WCN) saw a large increase in short interest in the month of July. As of July 15th, there was short interest totalling 1,980,000 shares, an increase of 36.6% from the June 30th total of 1,450,000 shares. Approximately 0.8% of the company’s shares are short sold. Based on an average daily volume of 914,100 shares, the days-to-cover ratio is currently 2.2 days.

Waste Connections stock opened at $102.37 on Friday. Waste Connections has a 52 week low of $70.87 and a 52 week high of $105.17. The company has a debt-to-equity ratio of 0.78, a quick ratio of 1.98 and a current ratio of 1.98. The stock has a market capitalization of $26.91 billion, a P/E ratio of 37.09, a PEG ratio of 4.99 and a beta of 0.47. The stock has a 50-day simple moving average of $95.00 and a 200 day simple moving average of $92.63.

Waste Connections (NYSE:WCN) last posted its quarterly earnings results on Thursday, May 7th. The business services provider reported $0.65 EPS for the quarter, topping analysts’ consensus estimates of $0.63 by $0.02. Waste Connections had a return on equity of 10.71% and a net margin of 10.63%. The business had revenue of $1.35 billion during the quarter, compared to analysts’ expectations of $1.33 billion. During the same quarter last year, the company posted $0.62 earnings per share. Waste Connections’s quarterly revenue was up 8.7% on a year-over-year basis. Research analysts forecast that Waste Connections will post 2.42 earnings per share for the current year.

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, August 18th. Investors of record on Tuesday, August 4th will be issued a dividend of $0.185 per share. This represents a $0.74 dividend on an annualized basis and a yield of 0.72%. The ex-dividend date of this dividend is Monday, August 3rd. Waste Connections’s payout ratio is currently 27.21%.

In other news, CEO Worthing Jackman sold 18,000 shares of the stock in a transaction on Wednesday, May 20th. The stock was sold at an average price of $92.26, for a total value of $1,660,680.00. Following the transaction, the chief executive officer now owns 113,239 shares of the company’s stock, valued at approximately $10,447,430.14. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Corporate insiders own 0.30% of the company’s stock.

A number of institutional investors have recently bought and sold shares of the stock. Parkside Financial Bank & Trust acquired a new stake in Waste Connections during the first quarter worth approximately $27,000. Asset Advisors Investment Management LLC acquired a new stake in Waste Connections during the second quarter worth approximately $28,000. Balentine LLC acquired a new stake in Waste Connections during the first quarter worth approximately $32,000. Prestige Wealth Management Group LLC lifted its position in Waste Connections by 1,094.1% during the first quarter. Prestige Wealth Management Group LLC now owns 406 shares of the business services provider’s stock worth $32,000 after acquiring an additional 372 shares during the last quarter. Finally, Ameritas Investment Company LLC acquired a new stake in Waste Connections during the first quarter worth approximately $34,000. Institutional investors and hedge funds own 80.61% of the company’s stock.

WCN has been the topic of a number of analyst reports. KeyCorp increased their price target on Waste Connections from $105.00 to $115.00 and gave the company an “overweight” rating in a research note on Monday, July 20th. Deutsche Bank increased their price target on Waste Connections from $96.00 to $105.00 and gave the company a “buy” rating in a research note on Monday, May 11th. AltaCorp Capital reissued a “sector perform” rating on shares of Waste Connections in a research note on Thursday, May 7th. UBS Group dropped their price objective on Waste Connections from $156.00 to $146.00 and set a “buy” rating on the stock in a research note on Wednesday, April 8th. Finally, Royal Bank of Canada raised their price objective on Waste Connections from $98.00 to $106.00 and gave the stock an “outperform” rating in a research note on Friday, May 8th. Five equities research analysts have rated the stock with a hold rating, eleven have given a buy rating and one has issued a strong buy rating to the stock. The company has an average rating of “Buy” and an average target price of $107.93.

Waste Connections Company Profile

Waste Connections, Inc provides waste collection, transfer, disposal, and recycling services in the United States and Canada. The company operates through six segments: Southern, Western, Eastern, Canada, Central, and Exploration and Production (E&P). It offers collection services to residential, commercial, municipal, industrial, and E&P customers; landfill disposal services; and recycling services for various recyclable materials, including compost, cardboard, mixed paper, plastic containers, glass bottles, and ferrous and aluminum metals.

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